[quote=joedabrkr] [quote=NASD Newbie]

[quote=joedabrkr]

Yes there is a kernel of truth behind what you're saying. 

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So, is it wrong to state that truth?  Is that the issue, don't say things that are true unless they are "happy thoughts?"

[/quote]

I said a "kernel", implying that you were hardly spot-on accurate.

I'm not concerned about you sharing any overly happy thoughts with us....I rather doubt that will be a problem. ;-)
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Do you agree that it is possible--even probable--that clients will become unhappy with whatever results you are generating for them if they are not seeing how they will be able to retire?

Do you agree that if you're a sixty year old advisor it is very possible that 90% of your AUM can simply be ACATed out of your book--leaving you high and dry as you face your own retirement?

[quote=NASD Newbie][quote=joedabrkr] [quote=NASD Newbie]

[quote=joedabrkr]

Yes there is a kernel of truth behind what you're saying. 

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So, is it wrong to state that truth?  Is that the issue, don't say things that are true unless they are "happy thoughts?"

[/quote]

I said a "kernel", implying that you were hardly spot-on accurate.

I'm not concerned about you sharing any overly happy thoughts with us....I rather doubt that will be a problem. ;-)
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//–> [/quote]

Do you agree that it is possible--even probable--that clients will become unhappy with whatever results you are generating for them if they are not seeing how they will be able to retire?

Do you agree that if you're a sixty year old advisor it is very possible that 90% of your AUM can simply be ACATed out of your book--leaving you high and dry as you face your own retirement?

[/quote]

And just why does your simple reasoning conclude that this can't happen with a commission based account?  (My goodness, but you're stupid.)

[quote=scrim67]

Giff,

Working in a bank setting; it's not that they really "leave".

I just refer them back to my bank partners since we work as a team.

scrim

[/quote]

They left you so easily for a couple reasons - 1) you work in a bank where people walk in.  Were these clients referred?  Did you spend months soliciting them and developing the relationship?  Did you do a complete plan and educate them about the market? EASY COME EASY GO.; 2)  fee based wrap products are easy for people to decide to get into because they know they are easy to exit.  Can't expect one without the other.

Do not take  it personal, but do spend more time developing the personal relationship and making sure they understand the investments they have and what they will do in the future.

If you showed them a long-term chart of the S&P 500 Index which has a trendline of 7.34% (without dividends), they could very clearly see this recent drop is nothing but a slight wiggle on the trend.  Really not enough to get out of the market over.

Tomy,

Very good points.

Because fee based in so easy to get out of my expectations are this will happen occasionally no matter what I do.

A good portion of my practice are referrals from my bank partners.

Have a good wknd.

scrim

151  9.9M

When I began this journey two years ago I was hoping to reach 10M assets in managed money by the end of 2006.   I am really close now!

Everyone enjoy your holiday weekend and if you live near the mid-atlantic coast bring your umbrella.

Enjoy the balance of your summer.

Scrim

Milestone hit today of 10M in managed money.

Ok, now back to work!

Have a great weekend.

scrim

[quote=scrim67]

Milestone hit today of 10M in managed money.

Ok, now back to work!

Have a great weekend.

scrim

Just think, if you had placed all that money in some "preferred" funds, (carefully avoiding the breakpoints, of course) you'd personally be about $200,000 richer and the wholesalers' new best friend!

Ahhhh, just jerkin' yer chain! Congrats man! Me and Paris are going to throw a few back, in your honor. I just can't let'er drive this time!

158 accts  10.3M

Hope everyone had a good 3rd quarter!

Lock of the year.....Carolina -7

scrim

Nah… The best bet is the Colts giving the Jets 9 points… With the Jets at home and their defense playing great… With a healthy Chad Pennington and a decent offense…

hmm.....

so which side are you on?  your post is slightly ambiguous

[quote=scrim67]158 accts  10.3M

Hope everyone had a good 3rd quarter!

Lock of the year.....Carolina -7

scrim[/quote]

Net 7 accounts and 400K for the month...scrim, don't take this wrong, but with the wind behind your back in September, I figured you'd jump more.  Did the bank's models underperform?

Underperform compared to what benchmark(s)?

Most of my models are conservative by nature meaning more heavily weighted to fixed income and cash as opposed to stocks.

I did have one big withdrawal of 100k because a client wished to paydown some debt.  Also clients accounts paid their quarterly fee this month so that impacts the AUM.   If you just look at assets brought in for the month is was closer to 600k.

I've already brought in 200k for October so i'm off to a good start and it's technically still september!

scrim

also recommended to a couple of clients that they close their fee based accounts because they were being charged to high a percentage after taking some liquidations in the past.

I believe this happened twice in September so I opened 9 new accounts with a net of seven.

scrim

grammar police please find/replace "to" with "too" in my previous post.

ty

scrim

Scrim how long have you been at it?

This is my second full year.

scrim

Indy,

I just ran some numbers and my portfolios were up around  .5 percent for the month of September net of my quarterly fee which gets charged in this month.

For the 3rd quarter my average portfolio was up 3% net of fees.  Considering I set a majority of my clients' expectations at around 7% annually and a big chunk is in tax free bonds they should be relatively pleased.

scrim

hmmm...I thought my stuff was quite a bit better than that in September...I'll have to go look at my model returns now...

I'm not dishing on you necessarily, just more curious than anything, although I don't think it's a bad for us to push each other a bit...I'm sure most of us could do better, eh?

168 and 11.2M

October was a solid month with assets increasing around .9M

About half my clients have now been with me more than one year.

For the vets out there at what point should I see unsolicted referrals from my clients assuming they are satisfied/delighted with the customer service and less importantly, the performance of their accounts?

I do always ask as well but I imagine it's still too early in the game because I have not seen many referrals to this point unsolicted or otherwise.

Happy Halloween.

Boo,

Scrim